Ruchi Developers vs. The Income Tax Officer

Parties Involved

Facts Summary

Ruchi Developers, an assessee, sold immovable property valued at Rs. 3,96,91,000/- during the year under consideration. The assessee did not file a return of income under section 139 of the Act. A notice under section 148 was issued on 27-03-2018, and the assessee filed the return of income on 30-04-2018 declaring total income at Rs. nil. The Assessing Officer made an addition of Rs. 49,48,034/- as regards the profit of Rs. 24,73,977/- owned up and offered by the assessee during the course of assessment proceedings as undisclosed profit on sale of land. The assessee filed an appeal before the CIT(A), which was partly allowed. The assessee argued that the CIT(A) was not right in sustaining the addition on the so-called profit on sale of land to the extent of Rs. 24,73,977/-.…

Legal Issues

• 1. Whether the ld. CIT(A) has erred in law and on facts of the case sustaining addition of alleged undisclosed profit on sale of land to the extent of Rs. 24,73,977/-.

Judgment Outcome

Decided in favour of Partly Assessee / Partly Revenue.

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